Bitcoin (BTC) finds itself in a curious position, caught in a
tug-of-war between the bullish conviction of whales (large
investors) and the jittery hands of short-term holders. The world’s
top cryptocurrency recently surged to within a hair’s breadth of
its all-time high, fueled by a buying spree from whales. However,
lurking beneath the surface are potential threats that could derail
this rally. Related Reading: Scalpers Rejoice! Top Analyst Predicts
Chainlink (LINK) Short-Term Surge Whale Appetite Increasing 
Big investors have been accumulating Bitcoin at an alarming rate,
close to $1 billion worth per day according to some estimates. This
insatiable appetite suggests a strong belief in Bitcoin’s long-term
potential. Analysts point to this whale activity as a bullish
indicator, fueling optimism that Bitcoin can break past its
previous highs of around $71,000. While you are scared, whales are
buying #Bitcoin like never before. pic.twitter.com/QAVXpdWER4 —
Vivek⚡️ (@Vivek4real_) June 8, 2024 The sentiment isn’t isolated to
the big leagues. Retail investors, the average person on the
street, are also joining the party. The number of addresses holding
between 0.01 and 1 BTC has increased, indicating a broadening of
interest in the cryptocurrency. This confluence of whale and retail
investor enthusiasm, representing millions of users, could propel
Bitcoin to new heights. Profit Taking And Short-Term Jitters As the
price climbs, a double-edged sword emerges – the MVRV ratio. This
metric indicates how much profit holders are sitting on. With
Bitcoin nearing its peak, the MVRV ratio has climbed significantly,
suggesting many investors are now in profit territory. This
profitability can be a blessing and a curse. The allure of locking
in gains could entice some holders, potentially millions based on
address growth, to sell, creating downward pressure on the price.
Related Reading: Cardano Bloodbath? Sell-Off Raises Fears Of
Imminent ADA Price Drop Bitcoin Miners Feeling The Squeeze In a
related development, Bitcoin miners are dedicating significant
computational power to verifying Bitcoin transactions and are
rewarded with newly minted coins. However, recent times have seen a
decline in miner revenue, with some reports suggesting a drop from
$53 million to $48 million in just a few days. If this trend
continues, miners may be forced to sell their Bitcoin holdings to
stay afloat. This influx of additional coins on the market could
further exacerbate selling pressure and hinder the current rally.
Bitcoin Price Prediction Meanwhile, according to the latest Bitcoin
price prediction, Bitcoin is expected to rise by 28%, reaching
$89,300 by July 10, 2024. The market sentiment is bullish,
supported by a Fear & Greed Index reading of 72, indicating
strong greed. Additionally, Bitcoin has recorded 16 green days out
of the last 30, showing a consistent upward trend with a 4.16%
price volatility over the same period. The high number of green
days and manageable volatility levels suggest a stable market,
reinforcing the bullish outlook. This environment appears conducive
to further price increases, aligning with the prediction of a
significant rise. The sentiment indicators and recent price
performance both point to continued optimism among investors.
Featured image from Treehugger, chart from TradingView

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